Pantos vs. BEST – what are the differences?
Lukas Kurzmann
As the publication date of this article is already some time in the past, here is an update and what has happened in the meantime.
Bitpanda continues to expand and grow. If you take a closer look at the Austrian company, it is difficult to avoid the two cryptocurrencies Pantos (PAN) and BEST (Bitpanda Ecosystem Token). Both tokens are associated with Bitpanda, but there are a few major differences between the tokens. In the following article, I will go into detail about the two tokens and try to explain and compare their features as best as possible.
Pantos – a research project with Internet of Things prospects
Pantos started as a research project in cooperation with the Vienna University of Technology. The aim was to be the first multi-blockchain token system to bring blockchain projects closer together and set new standards for cross-chain token transfers. Within 10 technical white papers, it was possible to follow step by step how the proverbial “caterpillar developed into a butterfly”. Below is the list of the 10 papers:
- Towards Atomic Cross-Chain Token Transfers: State of the Art and Open Questions within TAST – 1. White Paper
- Caught in Chains: Claim-First Transactions for Cross-Blockchain Asset Transfers – 2. White Paper
- Deterministic Witnesses for Claim-First Transactions – 3. White Paper
- Cross-Blockchain Technologies: Review, State of the Art, and Outlook – 4. White Paper
- Towards Efficient Cross-Blockchain Token Transfers – 5. White Paper
- Towards Cross-Blockchain Transaction Verifications – 6. White Paper
- Preparing Simplified Payment Verifications for Cross-Blockchain Token Transfers – 7. White Paper
- Leveraging Blockchain Relays for Cross-Chain Token Transfers – 8. White Paper
- Advanced Cross-Chain Token Transfers – 9. White Paper
- Towards Cross-Blockchain Smart Contracts – 10. White Paper
White paper after white paper, Bitpanda and the Vienna University of Technology came closer to their goal of standardized communication between blockchains until they finally created a finished & working prototype. Pantos has also made a framework available on GitHub: https://github.com/pantos-io/x-chain-smartcontracts.
New cooperation partners for Pantos
Irrespective of its research progress, Bitpanda has now managed to enter into two major collaborations with Pantos:
- Pantos and Raiffeisen Bank International partner up to bring blockchain-interoperability to the banking industry
- Pantos and IOTA support government backed Christian Doppler Laboratory in Vienna for joint research
With Raiffeisen Bank International and IOTA, two very strong partners have come on board. The cooperation with Raiffeisen Bank International is intended to further develop the in-house RBI Coin and thus close the gap between the various blockchain applications that now exist in the financial sector. A new Christian Doppler Laboratory was founded with the help of IOTA and the Christian Doppler Research Association. Intensive research into the Internet of Things and blockchain interoperability will be carried out here over the next seven years. This will result in new projects in which Pantos technology will also be used.
Pantos in transition
“Is it even worth keeping Pantos?” – This question was certainly one of the most frequently asked questions from the Pantos community, accompanied by the question of what the Pantos hodlers gain from this project. Bitpanda clearly communicated from the outset that Pantos is a research project and that this intention will be maintained in the future. It was often communicated via various communication channels that the community would not be forgotten – believe it or not. However, as Bitpanda is a regulated European company and has kept its promises in the past, it can be assumed that they will keep their word.
In recent weeks, it has become increasingly clear that Pantos is taking a new direction and evolving from a pure research project into a token with practical use cases. This assumption is also underpinned by Pantos’ latest blog post. This post also discusses the profit opportunities that Pantos investors could have. The possible form is deliberately used here, as Bitpanda has not yet decided which form of reward will be used and when this will come. However, it is clear from the article that a reward for Pantos holders will come.
BEST (Bitpanda Ecosystem Token) – more than just a crypto token
With the creation of BEST, Bitpanda wanted to launch a token that offers many advantages for its holders. The focus was clearly set on the Bitpanda ecosystem and was also clearly communicated before the IEO (Initial Exchange Offering). Starting with a small set of features, such as reducing fee costs or a guaranteed minimum value when paying fees with BEST, further bonuses were quickly added, such as BEST Rewards (a loyalty program for BEST holders – go to the rewards calculator) or the opportunity to participate in coin voting (choosing which tokens should be listed next on Bitpanda) once a certain number of BESTs had been held.
What advantages do I have if I own BEST?
Depending on the number of BEST you have, you receive benefits throughout the Bitpanda ecosystem. Called VIP levels, there are currently 3 levels. From 5,000 BEST you have reached VIP level 1, from 50,000 BEST VIP level 2 and from 500,000 BEST VIP level 3. The current (as of 19.12.2020) benefits of BEST holders are listed below based on the VIP level achieved:
BEST VIP Level 1 (>= 5.000 BEST):
- 0,05% more BEST Rewards per month
- Participation in BEST VIP Votes (Coin Votes)
BEST VIP Level 2 (>= 50.000 BEST):
- 0,10% more BEST Rewards per month
- Participation in BEST VIP Votes (Coin Votes)
- Credit card deposits cost 20% less in fees, and 25% less in fees for deposits via SOFORT bank transfer
- As a Bitpanda affiliate, you get 14% (up to a maximum of 20%) instead of 10% as a starting value
BEST VIP Level 3 (>= 500.000 BEST):
- 0,15% more BEST Rewards per month
- Participation in BEST VIP Votes (Coin Votes)
- Credit card deposits cost 20% less in fees, and 25% less in fees for deposits via SOFORT bank transfer
- As a Bitpanda affiliate, you get 14% (up to a maximum of 20%) instead of 10% as a starting value
- Exclusive VIP customer support
Difference between BEST and Pantos
It quickly becomes clear that the striking difference between the two tokens lies in the research interest in pantos and the currently not yet clearly defined use case of PAN. BEST is taking a straightforward path and you know pretty much where you stand. With the success and reach of Bitpanda, the value of BEST will inevitably increase as more interest in this token ecosystem is generated.
The future of Pantos is not as clearly defined as that of BEST. However, based on Bitpanda’s recent collaborations and contributions, we can assume that there will be one or two more products to come. In addition, Bitpanda has already communicated several times that once the technology has been successfully completed, it will be used for other tokens. For example, if all goes well, BEST will use Pantos’ technology.
In summary, it can be said that both tokens have interesting aspects and therefore offer a reason to hold them. Bitpanda continues to grow and become better known and as a result more and more people are coming across these two tokens. Cryptocurrencies are still at the beginning of their development and there are definitely exciting times ahead.
As of 2020-12-19 Origin: bitpanda.com
